Broadcom (NASDAQ:AVGO) Trading 0.1% Higher - Time to Buy?

Broadcom Inc. (NASDAQ:AVGO - Get Free Report) shares shot up 0.1% on Thursday . The company traded as high as $208.00 and last traded at $204.95. 3,614,749 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 31,071,762 shares. The stock had previously closed at $204.81.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AVGO. Barclays reduced their price target on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Benchmark reiterated a "buy" rating and set a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Truist Financial lifted their target price on shares of Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, March 7th. Finally, KeyCorp lifted their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus price target of $229.48.

Broadcom Stock Performance

The company has a market cap of $1.04 trillion, a P/E ratio of 180.74, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company's 50-day moving average is $182.95 and its two-hundred day moving average is $197.68. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.07%. Broadcom's payout ratio is currently 113.46%.

Broadcom announced that its board has approved a stock buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 719,776 shares of company stock valued at $131,065,542 over the last three months. 2.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Entropy Technologies LP bought a new position in shares of Broadcom in the first quarter worth approximately $10,640,000. Athena Investment Management increased its position in shares of Broadcom by 6.9% in the first quarter. Athena Investment Management now owns 6,610 shares of the semiconductor manufacturer's stock worth $1,107,000 after purchasing an additional 429 shares during the last quarter. Berger Financial Group Inc increased its position in shares of Broadcom by 1.6% in the first quarter. Berger Financial Group Inc now owns 10,373 shares of the semiconductor manufacturer's stock worth $1,737,000 after purchasing an additional 161 shares during the last quarter. Pandora Wealth Inc. bought a new position in shares of Broadcom in the first quarter worth approximately $323,000. Finally, Fiduciary Family Office LLC bought a new position in shares of Broadcom in the first quarter worth approximately $2,464,000. 76.43% of the stock is currently owned by institutional investors.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.